| Schedule of Intangible Assets |
Intangible assets consisted of the following:
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As of June 30, 2022 |
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Gross Carrying
Amount |
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Accumulated
Amortization |
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Net Carrying
Value |
| Intangible assets subject to amortization: |
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| Reacquired franchise rights |
$ |
9,218,365 |
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$ |
(3,818,507) |
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$ |
5,399,858 |
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| Customer relationships |
3,163,706 |
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(1,844,996) |
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1,318,710 |
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| Reacquired development rights |
6,603,303 |
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(4,246,721) |
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2,356,582 |
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| Assembled workforce |
59,311 |
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(19,760) |
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39,551 |
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$ |
19,044,685 |
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$ |
(9,929,984) |
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$ |
9,114,701 |
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As of December 31, 2021 |
|
Gross Carrying
Amount |
|
Accumulated
Amortization |
|
Net Carrying
Value |
| Intangible assets subject to amortization: |
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| Reacquired franchise rights |
$ |
6,795,865 |
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$ |
(3,153,037) |
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$ |
3,642,828 |
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| Customer relationships |
2,603,006 |
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(1,587,443) |
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1,015,563 |
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| Reacquired development rights |
4,406,221 |
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(3,715,594) |
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690,627 |
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| Assembled workforce |
59,311 |
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(4,939) |
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54,372 |
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$ |
13,864,403 |
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$ |
(8,461,013) |
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$ |
5,403,390 |
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Amortization expense related to the Company’s intangible assets was $740,719 and $991,981 for the three months ended June 30, 2022 and 2021, respectively. Amortization expense was $1,468,970 and $1,765,469 for the six months ended June 30, 2022 and 2021, respectively.
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| Schedule of Finite-Lived Intangible Assets, Future Amortization Expense |
Estimated amortization expense for 2022 and subsequent years is as follows:
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Amount |
| 2022 (remainder) |
$ |
1,587,392 |
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| 2023 |
2,391,298 |
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| 2024 |
1,650,989 |
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| 2025 |
1,263,076 |
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| 2026 |
1,101,315 |
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| Thereafter |
$ |
1,120,631 |
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| Total |
$ |
9,114,701 |
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